Energy-focused firm Lime Rock has closed its fourth resources fund on $754 million, just above its $750 million target.
Lime Rock Resources IV launched in November and held a first close in February, the firm said. A source with knowledge of the matter told Private Equity International that the fund rounded up its commitments in four months of active fundraising and closed within six months.
“We hope that the dislocation in the oil and gas property market following the commodity price volatility of the last two years provides us opportunities to continue to acquire attractively priced properties,” Lime Rock Resources co-chief executive Eric Mullins said.
According to the firm’s SEC filings from February, the fund was accepting minimum commitments of $5 million.
As with its predecessors, this fund will seek to acquire and operate directly on oil and gas properties in the US.
The previous fund, Lime Rock Resources III, closed in October 2013 on $750 million. It was generating a –41.2 percent net internal rate of return as of 30 September, according to documents from the New Mexico Educational Retirement Board.
Since the series’ inception in 2005, the resources funds have made 23 acquisitions in Texas, Oklahoma, New Mexico and North Dakota.
Morgan, Lewis & Bockius provided legal counsel to the fund.
The Houston-based firm has raised $6.6 billion through its private equity funds.